Nvidia's stock has skyrocketed, briefly surpassing Apple for the world's second-most valuable company.) shares rocketed nearly 30% in May, completely erasing April's decline and adding a staggering $700 billion to its market capitalization. This meteoric rise propelled the AI-behemoth to the third-largest company in the world, narrowing the gap with Apple and high volatility levels signal that NVDA might be overbought.
While NVDA has seen significant gains, it's worth noting the lack of major corrections in the past year. The most significant pullback occurred in April, followed by a swift recovery. However, if profit-taking intensifies, the first support level sits at $1,060. Weekly closes below this level could see a more prolonged correction, potentially dragging the price down to $910, aligning with the long-term trend.
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